American International Group President and Chief Executive Officer Martin J. Sullivan secured an $8.7 million raise last year bringing his pay to $16 million, according to a company filing.
Mr. Sullivan, according to a proxy statement filed April 5 with the Securities and Exchange Commission increased his salary from $7.3 million in 2004.
The complicated compensation package included a variety of bonuses, stock options and other payments including a base salary beginning in March 2005 of $963,462, an annual bonus and other "cash compensation" of $6.79 million, a year end bonus of $1 million and supplemental stock options.
Mr. Sullivan, who was promoted from the positions of vice chairman and co-chief operating officer, has served more than 30 years at AIG.
According to the proxy document, Mr. Sullivan until Jan. 1 had an agreement with the company that if he were to be terminated involuntarily without cause he would receive a severance payment of $15 million, three years of benefits under AIG' health, and life insurance plans as well as benefits under AIG's retirement plans.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
